5 Ways CSR Benefits Businesses and Consumers
How CSR Benefits Businesses and Consumers
There is value to doing good just for the sake of doing good but there are a lot of additional perks and hidden benefits. Both a business and consumers of that business that are unleashed when a brand practices CSR (Corporate Social Responsibility).
Here are 5 ways CSR benefits both businesses and consumers.
Businesses Create Positive PR
When businesses engage in CSR they are ensuring a positive outcome whether increasing company-wide recycling efforts, donating to a worthy cause or helping their staff find a favorable work-life balance. By controlling the situation, businesses can use CSR as a platform to promote the good they do, but they can also help protect against scandal. When a business monitors their environmental impact they can ensure they are doing social good but more importantly they can make sure they are not causing unnecessary or extremely damaging harm.
Consumers Know Who They’re Dealing With
Consumers can gauge a company by how they implement CSR. For instance, a customer who strives to reduce their carbon footprint will be more apt to purchase goods or services from a like-minded company sometimes even if the cost to them is higher. Publicizing what your brand does at a corporate level to practice social responsibility gives customers insight into your company and what makes you tick.
Businesses Can Set Themselves Apart from Competitors
Let’s say there are two comparable businesses that sell the same type of product but one company openly practices corporate social responsibility. This can be all it takes for consumers to throw their support behind the socially responsible brand. Even consumers who are not passionate about the causes your brand supports may choose you over a competitor just because they appreciate the effort and work you are doing.
CSR Guides Towards the Future
By practicing CSR and setting goals, it helps businesses create a long-term plan. You want your company to continue to build on its success, so each quarter or year you want to maintain or improve upon the level of success or implementation of CSR practices. This lets staff and customers know what your long-term plans are and this allows everyone to see how they fit into the future of your company what to expect.
CSR Allows Businesses to Create a Rapport with Consumers
Practicing CSR allows everyone you encounter while doing business, from partners to vendors to customers to form a relationship that goes beyond business. You may inspire others to help out and match your goals and lead to even greater good. CSR can also lead to a sense of loyalty on the part of your customers which means repeat business, recommendations and increased brand awareness.
CSR can do so much for so many. The main objective to business should be a genuine desire to help people or causes receive what they need. Whether the CSR objective be encouraging volunteering, offering goods or services or financial support, this work can lead to other benefits that will help your brand and your customers. Are there other ways you see CSR benefit your brand?Tagged
These points are all true. It’s really important not to undervalue #2. When customers know the values of a company, they are more likely to support it. The brands I feel most passionate about are companies that share and follow through with they’re values.
Thanks for stopping by Lindsay and for the comment. It is tough to translate those company values to consumers in a way that is meaningful but we are trying and also working to give other companies ways to make a difference.